Is apartment rent is taxable?

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Aurn
Member since: Jan 07

Posts: 76
Location:
Post ID: #PID

Posted on: 20-06-07 14:41:45

Hi,

I have just rent out my basement apartment. My question is, this apartment rent is taxable?, I have to show this amount is my tax return?

What others are doing for not showing apartment rent in tax return, please guide.

Regards

Iceberg
Member since: May 05

Posts: 919
Location: GTA and beyond
Post ID: #PID

Posted on: 20-06-07 15:01:42

Contact CRA. They shall guide you.

Quote:
Originally posted by Aurn

Hi,

I have just rent out my basement apartment. My question is, this apartment rent is taxable?, I have to show this amount is my tax return?

What others are doing for not showing apartment rent in tax return, please guide.

Regards

Pramod Chopra
Member since: Sep 03

Posts: 1284
Location: Pickering, ON
Post ID: #PID

Posted on: 20-06-07 15:18:50

Quote:
Originally posted by Aurn

Hi,

I have just rent out my basement apartment. My question is, this apartment rent is taxable?, I have to show this amount is my tax return?

What others are doing for not showing apartment rent in tax return, please guide.

Regards

All types of income including income from salary, business, rent, dividends etc. are taxable. You have to include these in your tax return. However, when you have rental income, then you can off set certain rental expenses including part of mortgage interest, home insurance, repairs and maintenance etc. You can find all this information from the CRA web site.

Follow this:

http://www.cra-arc.gc.ca/tax/individuals/topics/income-tax/return/completing/reporting-income/lines101-170/126/menu-e.html

-----------------------------------------------------------------

Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

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